[Asia Economy Reporter Lim Jeong-su] A project financing (PF) loan worth 188 billion KRW has been secured to develop the Yongsan Railroad Hospital site in Yongsan-gu, Seoul, into a large-scale residential complex.
According to the investment banking (IB) industry on the 27th, ‘HDC I-Park No.1 Trust Management Real Estate Investment Company (hereinafter HDC I-Park No.1)’, the project operator for the development of the Yongsan Railroad Hospital site, received a PF credit line loan of 188 billion KRW under the lead management of Bukuk Securities. The loan maturity is 4 months. The funds raised will be used for securing the site and other development-related expenses.
The Yongsan Railroad Hospital site development project involves constructing a residential complex that includes two mixed-use buildings ranging from 6 basement floors to 34 above-ground floors on a 10,948㎡ site located at 65-154 Hangang-ro 3-ga, Yongsan-gu, within the Yongsan district unit plan area. The complex will consist of a total of 685 residential units and a mixed-use area combining shopping and cultural facilities. The main building of the Yongsan Railroad Hospital on the site will be remodeled into the Yongsan History Museum.
HDC I-Park No.1 is a real estate investment company established by HDC Hyundai Development Company. It received approval for this project from the Ministry of Land, Infrastructure and Transport on the 28th of last month. HDC Hyundai Development Company, which is in charge of construction, plans to start construction in December and aims to complete the project by 2025.
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